I used to be with Tmobile. No deposit. Recently I thought about going with US Cellular, they checked my credit and said it would be $25 per line. I also checked out AT&T who was willing to give me service with no deposit. I also checked with Sprint, who was willing to give me service with no deposit. When I checked how much Verizon would charge, it came to $1,200!!! Why the huge difference? This ***** because I really like Verizon's phone line-up.
Every company is going to have different criteria for their deposits, which you can clearly see in the results of your investigation. I don't think Verizon publishes the exact standards that they use. I imagine that all of the usual credit reporting factors (on-time payments, limited use of available credit, lack of collections accounts and judgments) as well as any previous history with Verizon or any of the companies they have acquired, would be the major factors.
You can certainly call Verizon and see if you can speak to someone who can explain the decision to you. They may at least tell you what credit report they pulled, so you can check it and make sure there is no incorrect information. You can have wildly different information on file with each of the three bureaus if there are errors in your files.
You should also get a free copy of your credit report every year and go over it to make sure nothing is screwey with it. We have a spotless credit record so I would assume that's why we had to pay no deposit but I check the credit report very year just to make sure something didn't get messed up so when we have to go for a car loan we don't get a surprise. Mary
This post is not about credit history. It is about the fact that Verizon is charging way more than anyone else for deposits. Again, the only place that asked for a deposit besides Verizon was US Cellular, but it was only $25. T-Mobile, Sprint, and AT&T all asked for no deposit. So again, why would Verizon ask for a whopping $1200 (for 3 lines)? My point is, is that this shows an unnecessary deposit requirement on Verizon's part. After all, why would they require a deposit where others do not?
After all, why would they require a deposit where others do not?
Because they are probably evaluating you based on different criteria than other providers. They may have used a different credit report, or different standards.
As another poster said, Verizon's max deposit per line is $400. Basically, based on the information they have, they feel like you should pay the maximum deposit.